Same link, Bernanke is quoted saying, “The anticipated pickups in economic activity and job creation, together with the expected easing of price pressures, should bolster real household income, confidence, and spending.”

If we’re more indebted, Mr. Bernanke, where will the household income, confidence, and spending increases come from?

Bernanke’s mentality is like that of tax-cut critics who claim all people will do with the money they save on taxes is pay down debt.

There has to be some kind of psychological blind spot some people have about the need to settle accounts. One way or another, the day of reckoning must come — but they’d rather pretend otherwise. And it seems most of the people we have in charge now are of that mindset.